US co plans $100 mn hotel in Bangalore

New York-based Citigroup Property Investors on Tuesday announced its partnership with Nitesh Estates, a leading real estate developer in Bangalore, to develop a $100 million 250 room luxury hotel in the city.

The hotel, to be located in the heart of Bangalore's central business district, would be operational in 30 months, Nitesh Shetty, managing director, Nitesh Estates, said.

Designed by leading global architects, the hotel would offer world-class amenities, he said, announcing the project along with David Schaefer, managing director, Head of Asia Pacific, Citigroup Property Investors.

Schaefer said the real estate sector in Bangalore had tremendous growth potential. He said Citigroup had invested $250 million in India since May last year and planned to pump in another $500 million this calendar year.

Citigroup was in the areas of commercial office space, hospitality and residential projects in India, he said.  Bangalore-headquartered Nitesh Estates is engaged in development of high-end residential apartments, office buildings, hotels and retail space.